Elrond Acquires Leading Crypto Payments Startup Utrust
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Elrond, an Ethereum competitor boasting 100,000 transactions per second throughput, has agreed to acquire Utrust, a cryptocurrency payments startup based in Lisbon, Portugal.
The details of the transaction have been withheld. Early this year, the combined community is scheduled to be notified of the deal’s final mechanics from a token-holder perspective. Elrond and Utrust’s stated goal is to enable online payments to use Web 3, the next generation of the internet built on decentralized apps.
Staking on the blockchain, dubbed Merchant Yield and Decentralize Finance (DeFi), will be made accessible to merchants after integrating the Utrust payment gateway into Elrond.
Restructured as an Income Stream
According to the corporations’ Tuesday statement, payment processing services will be repurposed as an income stream for merchants. Both businesses have said that they are willing to cooperate with financial regulators and that the deployment would first focus on Europe.
According to Elrond Network CEO Beniamin Mincu, payment processors still charge merchants between 3 percent and 11 percent of each transaction because of how things function now.
The Merchant Yield application will begin beta testing in the first half of this year, will contain a spectrum of risk/reward levels, ranging from Elrond’s proof-of-stake blockchain stakes to DeFi protocol participation.
According to Utrust CEO Sanja Kon, merchants are becoming more receptive to cryptocurrency settlements. Utrust is an Estonian corporation that accepts payments in Bitcoin, Ethereum, Dash, and USDT and its own UTK token and Elrond eGold (EGLD). According to Kon, corporations participate in the blockchain ecosystem to get a return on their crypto investment.
Cryptocurrency
